Crypto scam increasing on social media

[arwin100]

...

The headlin though! Sometimes I wonder what is there to blame on an on an app or a medium for being just that or working in that capacity. It's more like, blaming the bitcoin or cryptocurrencies for the fraud that is done using these medium.

Ignorance and greed remains why most users fall for the various schemes on the web with the social medias serving as just some link mechanism. I think some people are just immatured enough to use the social media and are just eager to be first adopters with hopes of gaining enough without even going through any stress. It's some idea that should be perished as, it could lead to some regretful ends.

It is certainly not the apps that have to be totally blamed, it was us who are too ignorant and don't understand how the scam works. However, with the existence of these social media, it happens that scams have been growing fast. In some other ways, they are also the reason for this and their participation and no action has been taken to regulate/stop any form of scam on their platform. 

But yes, it was our end to think if this is a scam or not, it was our decision.

The trend about crypto recently what makes people rise their curiosity on and I believe the urge to earn money what makes people think that they are in good position since they are seeing so many good stories use to hype up crypto on mainstream or even by their friends. That's why many fall for those scams because on their first try they see those platforms offer good profits and show some receipt that they will pay. For this people need to be more vigilant upon starting up because investments on ponzi's are not good investment and it will end up scam so we should be wise on our decisions.

[Rockstarguy]

Asking the government to regulate the social media is more like asking for the regulation of people's right to freedom of speech and interaction globally.

It's left for people using social media to be self aware of how they make use of the media.

I don't think it is the work  of the government to regulate social media, most of this social media are owned and operated by individuals,  by right it is the duty for social media operators  to be strict  on users in the way they use the social  media for their online business.  But it won't be possible for social media to be regulated by  their  owners because these social media platforms need users to advertise their business to generate funds.

[_act_]

Asking the government to regulate the social media is more like asking for the regulation of people's right to freedom of speech and interaction globally.
It's left for people using social media to be self aware of how they make use of the media.

I don't think it is the work  of the government to regulate social media, most of this social media are owned and operated by individuals,  by right it is the duty for social media operators  to be strict  on users in the way they use the social  media for their online business.  But it won't be possible for social media to be regulated by  their  owners because these social media platforms need users to advertise their business to generate funds.

You people should not get me wrong. Taking bitcoin for example, it is decentralized and people can have privacy with bitcoin. Okay, how about centralized exchanges, they are centralized and have KYC people needs to be verified, no privacy. Let us relate it to social media, no privacy as most people are posting and discussing about themselves, but a way to keep scammers among to remain anonymous and untraceable. Even if the government can not regulate social media, it is still a place to lose privacy and yet a place scammers can be anonymous which needs attention.

[Questat]

Asking the government to regulate the social media is more like asking for the regulation of people's right to freedom of speech and interaction globally.
It's left for people using social media to be self aware of how they make use of the media.

I don't think it is the work  of the government to regulate social media, most of this social media are owned and operated by individuals,  by right it is the duty for social media operators  to be strict  on users in the way they use the social  media for their online business.  But it won't be possible for social media to be regulated by  their  owners because these social media platforms need users to advertise their business to generate funds.

You people should not get me wrong. Taking bitcoin for example, it is decentralized and people can have privacy with bitcoin. Okay, how about centralized exchanges, they are centralized and have KYC people needs to be verified, no privacy. Let us relate it to social media, no privacy as most people are posting and discussing about themselves, but a way to keep scammers among to remain anonymous and untraceable. Even if the government can not regulate social media, it is still a place to lose privacy and yet a place scammers can be anonymous which needs attention.

This is the hard fact that scammers can't be caught easily, however, they can make their evil plans easily succeed. Yes, I'd also think this was a major problem by now that the government must also help and regulate social media otherwise, this can be worse in the long run. The more we don't care about our privacy ( as it was very common on social media) the more it encourages scammers to use our identity to scam people. And I think this can't be done by the government alone, it is a need for us individuals to become sensitive and careful about what we do online.

[lalabotax]

I do believe this much. Many people from social media is very easy to find out. The types of social media are also various from Twitter, Facebook, Telegram and many others. Here, there are many channels, influencer, or grouos that are scamming people especially beginners by promising too god to be true projects, certain fake investment, and shit projects. And most beginers believe them much because they are more interested in money that they promise.

[Zlantann]

I do believe this much. Many people from social media is very easy to find out. The types of social media are also various from Twitter, Facebook, Telegram and many others. Here, there are many channels, influencer, or grouos that are scamming people especially beginners by promising too god to be true projects, certain fake investment, and shit projects. And most beginers believe them much because they are more interested in money that they promise.

The social media has made scamming very easy. People carelessly disclose some vital information on social media. This scammers take advantage of this information to scam them and others. Also there are now sophisticated software that can be used to steal private information from people in the social media. Another reason for the increase of crypto scam in social media is because of greed and get rich quick mentality. People want to get rich without putting in any form of effort. Most of these scammers promises mouthwatering benefits that make greedy social media users invest without research or investigation.

[Alisha-k]

Crypto scam is somehow a part of the society the government regulation on social media like in the case of exchanges is impossible because exchanges are more centralized because each user is entitled to a single account with KYC verification with regards to the account but in the case of Social Media account get hacked for scam purpose and multiple accounts can be owned by a single user making it more difficult to get regulated.

[GeorgeJohn]

In social media, what we called scam it's not longer a new existing thing if i may say. Right now if people that has been scammed through all this social media platforms, you won't believe. It's obvious that communication are the attraction of getting easy access of scamming people. One thing we have to consider for people who are victims or victimized of scam. Is that they are desperate and curious to achieve all the wealth they need same time. So in conclusion it's greediness that lured them for all this social media for investment purpose.

[Falconer]

In social media, what we called scam it's not longer a new existing thing if i may say. Right now if people that has been scammed through all this social media platforms, you won't believe. It's obvious that communication are the attraction of getting easy access of scamming people. One thing we have to consider for people who are victims or victimized of scam. Is that they are desperate and curious to achieve all the wealth they need same time. So in conclusion it's greediness that lured them for all this social media for investment purpose.

Scam attempts via social media are on the rise and I never thought there would be a very good solution on the part of the platform to stop them or manually remove them from their platform without receiving reports from other users. It keeps happening on all social media including Facebook, Twitter, Telegram, Whatsapp and more.

Apart from that, we also know that emails and messages are never safe from scam attempts because almost all media nowadays will be used by scammers to get victims. So of course this must be the reason why we must always increase our vigilance and concern for security, because otherwise our assets will just disappear. Scammers are constantly working on their act, so we really have to be very attentive to anything to do with security and the little things that cause harm and that is the solution.

[boyptc]

Crypto scam is somehow a part of the society the government regulation on social media like in the case of exchanges is impossible because exchanges are more centralized because each user is entitled to a single account with KYC verification with regards to the account but in the case of Social Media account get hacked for scam purpose and multiple accounts can be owned by a single user making it more difficult to get regulated.

The government can actually regulate the social media based on what they've been investigating and the cause of it.

Each region has their own way of preventing these scams to be lessened down depending on the ruling because if the scammers are from the other countries, it's really hard to eliminate it unless they can solely remove them from the platform if proven to be against the rules of the social media platform.

As a citizen and a user of a social media, we should be responsible for our actions and the usual tip from our parents of not talking to strangers is applicable.

[Yamifoud]

Crypto scam is somehow a part of the society the government regulation on social media like in the case of exchanges is impossible because exchanges are more centralized because each user is entitled to a single account with KYC verification with regards to the account but in the case of Social Media account get hacked for scam purpose and multiple accounts can be owned by a single user making it more difficult to get regulated.

The government can actually regulate the social media based on what they've been investigating and the cause of it.

Each region has their own way of preventing these scams to be lessened down depending on the ruling because if the scammers are from the other countries, it's really hard to eliminate it unless they can solely remove them from the platform if proven to be against the rules of the social media platform.

As a citizen and a user of a social media, we should be responsible for our actions and the usual tip from our parents of not talking to strangers is applicable.

How are they just ignored while scams have been rampant on Facebook? And they did nothing before numbers of individuals become a victim. Though it is our responsibility to know if that is a scam or legit investment, yet it was also their participation to regulate and restrict such activities. I know they can't be blamed solely but it was us who are greedy of not thinking about it earlier before losing money to these scammers. This means that we can't rid of these scammers as for sure they will find a way and always there is a way knowing that many people remain innocent despite awareness.

[boyptc]

The government can actually regulate the social media based on what they've been investigating and the cause of it.

Each region has their own way of preventing these scams to be lessened down depending on the ruling because if the scammers are from the other countries, it's really hard to eliminate it unless they can solely remove them from the platform if proven to be against the rules of the social media platform.

As a citizen and a user of a social media, we should be responsible for our actions and the usual tip from our parents of not talking to strangers is applicable.

How are they just ignored while scams have been rampant on Facebook? And they did nothing before numbers of individuals become a victim. Though it is our responsibility to know if that is a scam or legit investment, yet it was also their participation to regulate and restrict such activities. I know they can't be blamed solely but it was us who are greedy of not thinking about it earlier before losing money to these scammers. This means that we can't rid of these scammers as for sure they will find a way and always there is a way knowing that many people remain innocent despite awareness.

They can help with regulation of social media and have legitimate registers only. But about the scams, they can act on it when there's a complaint from a victim.

But if there's not, these scammers will continue to their schemes as long as they're not caught. It's hard to have a fight against these scammers if most citizens are not educated on how to find one.

And yet, they're the ones who are greedy and don't regulate themselves in knowing that such schemes exists.

[Lida93]

New analysis finds consumers reported losing more than $1 billion in #cryptocurrency to scams since 2021
Social media blamed for $1B in crypto scam losses in 2021

What has the government doing so far to regulate social media like they are regulating exchanges, despite that people that are using social media like Facebook, Instagram and many others do not have privacy, scammers and illicit actors still make use of the same social media to scam people. From just 2021 to 2022 first quarter, people have been scammed over $1 billion on social media. Federal Trade Commission (FCT) found that Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%) were the top platforms used for crypto scams. Twitter, the social media platform widely adopted by the crypto-community, was not mentioned despite being littered with spam and scam bots touting fake crypto-giveaways.





The funniest to me is that scam is not new on social media, but it is becoming commoner and the scam on social media regard crypto is increasing, definitely all other scam are increasing on social media. When social media is not a place of privacy, why not require for ID documents for better KYC procedure than focusing most only on exchanges

Social media is an open space for many shits and I don't see it as a platform I I can place my attention on for crypto interaction or business discussion with just anyone or page. The rate of scams right now no social media platform can totally filter.

[Porfirii]

It seems that some people want to believe in magical business so hard that they don't filter the facts behind the opportunities they find along the way. Social Media is not guilty for that. Maybe these platforms might/should implement security measures to avoid some scams, but as long as they are used by people to communicate with others, some will keep telling others what they want to believe, using social media just as a means to an end; and I'm not just talking about crypto.

[Findingnemo]

Social media companies even officially promoted some scam websites because there is no proper check, all they need is to pay some money to them so they will show it to the target audience but most of the scams are happening in the old way just uses the greed of the users to get some juice and let them to be stranded because they trusted a random website with their money which was promoted by some influencers. Actually the things are started so the regulations are now turned towards the influencers so they hold responsibility and maybe charged if they promoted a scam.

[TheNineClub]

Yup, crypto leaned heavily into social media. And even if it's not deliberate scams, it's still the leaser eyed shilling that just gives crypto a bad name and a bad look imho. So just as scams, there needs to be a stop to the glorification of crypto.

[Gosgosking]

In social media, what we called scam it's not longer a new existing thing if i may say. Right now if people that has been scammed through all this social media platforms, you won't believe. It's obvious that communication are the attraction of getting easy access of scamming people. One thing we have to consider for people who are victims or victimized of scam. Is that they are desperate and curious to achieve all the wealth they need same time. So in conclusion it's greediness that lured them for all this social media for investment purpose.

Sometimes people don't fall for online scam because they are too desperate of having money.  Some people fall because of they lack knowledge,  ignorance,  some of the things they see online are too real for them to be fake. Most of us have come across things like this, and it has been used to serve as a lesson.

[Doan9269]

What has the government doing so far to regulate social media like they are regulating exchanges, despite that people that are using social media like Facebook, Instagram and many others do not have privacy, scammers and illicit actors still make use of the same social media to scam people

To say the fact, there are so many aspect our governments has been salient about which is really affecting our society today, these social media is one of the ways people get scammed and has the highest of it all in every aspect, yet the attention of government is much concentrated on cryptocurrency amd how it's been used for scam while the social media scam receives no much attention, i still don't know why, everyone want to have crypto as a scape goat on scam related offenses, should it be because it's digitally decentralized or what.

[Mr.right85]

'If you see something, say something' that has been the approach towards security and that applies very much to the crypto industry too. Good enough, I see quite a lot of reports on the scam accusation board. Hence, it could be said that users on the forum are taking a proactive approach towards tackling this menace to society. When it comes to the social medias, I think the various CEOs to a very few of them have set in motion steps to put the issue at bay. Not to mention face verification and they've been very loud in trying to sensitise its users and I say this with respect to Facebook

What has the government doing so far to regulate social media like they are regulating exchanges, despite that people that are using social media like Facebook, Instagram and many others do not have privacy, scammers and illicit actors still make use of the same social media to scam people. From just 2021 to 2022 first quarter, people have been scammed over $1 billion on social media. Federal Trade Commission (FCT) found that Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%) were the top platforms used for crypto scams. Twitter, the social media platform widely adopted by the crypto-community, was not mentioned despite being littered with spam and scam bots touting fake crypto-giveaways.

I really don't expect the government to do much as to the regulations of these scams. Messages on social medias are often protected end-to-end to ensure users privacy and the only point government could step in is in cases of reports and there have to be a user to give them the window to come in and do there investigations. It's usually difficult as these scammers assumes identity that isn't there's but, government agencies still do the most they could.

It's is left for individuals to be very careful with there privacy details and choices of investment on what they come across over the web. There is a risk in everywhere you turn. Always DYOR and be very cautious.

[Accardo]

Im sure it will double or triple in the next few years. Why those keep gaining on people, maybe we need to remind ourselves that there is no shortcut to becoming rich and those scammers propaganda is quite simple. Join it and youll rich in no time! A common statement or tagline scammers are fond of.

We should always be vigilant of whats to expect when we do risk and gamble on some freebies out there cause only few literally giving free money and maybe 99% of it are just fake one and scam.

Even the old school "yellow kid" used this same phrase to scam people in the olden days. People cannot resist being greedy and earning from where they didn't work. It's more like a human nature and, some people take them into action, so scammers will capitalize from such set of people all year long. Nothing can be done about it. The technique is there if all social media gets regulated the same people that the government is trying to do a favor will leave those platforms, if scam reduces there, in search for a platform where scammers camp looking for quick money.